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State Name: New Jersey
State Name underscore: New_Jersey
State Name dash: New-Jersey
State Name lower underscore: new_jersey
State Name lower dash: new-jersey
State Name lower: new jersey
State Abbreviation: NJ
State Abbreviation Lower: nj

If you've been following the MBS Commentary, you know what a big deal this afternoon could be. Markets have been preparing for it for weeks and MBS Live members have been on top of those movements every step of the way.

This afternoon, when markets are convulsing mere milliseconds after the Fed Announcement, MBS Live members will know what's going on before anyone else. The accuracy and speed of our real-time price stream and alerts is unmatched.

MBS saw their first trades of the day come in just a hair over yesterday's latest levels, which were also the best of the day. They never looked back today, having held at least 2/32nds into positive territory even at their worst moments. That was a fertile environment for stronger morning rate sheets, and the ongoing stability during the day made for few reprices (though the few seen were positive).

Heading into the 11am hour (seems like we've been saying that a lot this week... coincidence?) bond markets were rallying exponentially and charts began taking on that delightful "snowball buying" shape. But the best levels of the day were in at 11:10, and everything moderated from there. 10yr yields made a calm, linear move back toward unchanged levels (they haven't gotten there yet--still down 1.6bps on the day). MBS returned to morning levels more quickly and have simply held sideways in a narrow range since then.

For a market that's ostensibly hanging on every word out of Ukraine, this is pretty uneventful movement. More likely, Ukraine headlines are providing a clearly supportive environment, helping to keep rates pinned down in the lower half of their 3 month range. The narrowness and lack of steeper movement is most likely a nod to the importance of next week's events, which include an FOMC Announcement and Nonfarm Payrolls.

MBS Pricing Snapshot

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.

About the Author

A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators.
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